For the time being Greece and the woes out of Europe are taking a back seat. However, this morning the G20’s decision not to add to the IMF firewall funds to bail out future troubled governments put downward pressure on stock prices at the open.

From the outside looking at the debt issue in Europe it appears that instead of trying to solve the problem, everyone is playing for more time. The hope seems to be that the debt holders, with enough time, will bolster their balance sheets much like we did with our U.S. based banks, or hoping that the economies in Europe will begin to grow which would increase taxes and ease the debt burden. The IMF and ECB both have very rosy scenarios about growth especially for Greece.

Reality will triumph over hope and the conclusion is that there is a very strong possibility that at least one country will be leaving the EU and that country is Greece though that might not be the only country. With elections for Greece and many other countries in the EU this year it is impossible to decipher all the possibilities let alone probabilities.